Edita reports significant decline in Q2 results amid pandemic

Published 29 Jul,2020 via Daily News Egypt - Edita Food Industries has announced that its financial results for the second quarter (Q2) of 2020 faced significant pressures caused by the novel coronavirus (COVID-19) pandemic.

The company recorded revenues of EGP 768.7m during the quarter, down 20.3% quarter-on-quarter (q-o-q) and 10.9% year-on-year (y-o-y), and short of consensus estimates.

Edita also noted that the downturn in results was also affected by the holy month of Ramadan, typically a low season for snacks, which coincided with Q2 of 2020.

The company sold 483m units during the quarter, down 24.1% q-o-q and 16.7% y-o-y. In terms of tonnes, the company sold 17,700 tonnes, down 21.7% q-o-q and 11.1% y-o-y. The average price per pack currently stands at EGP 1.59, up 4.6% q-o-q and 6.7% y-o-y.

Edita reported gross exports sales of EGP 35.4m, reflecting a downturn of 42.5% q-o-q and 45.1% y-o-y, hampered by difficulties associated with international trade.

The company also reported a bottom-line of EGP 3.5m, a decline of 94.6% q-o-q and 90.6% y-o-y, impacted mainly by weak sales. The profit decline is also attributable to higher interest costs. The company achieved a GPM of 31.7% during the quarter, down 3.1pps q-o-q and 1.8pps y-o-y.

© 2020 Daily News Egypt.

DISCLAIMER: This content is provided to us “as is” and unedited by an external third party provider. We cannot attest to or guarantee the accuracy of information provided in this article from the external third party provider. We do not endorse any views or opinions included in this article.